XML 18 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating Activities    
Net loss for the period $ (9,257,216) $ (6,017,619)
Adjustment to reconcile net loss to cash used in operating activities:    
Depreciation and depletion 4,081,828 21,997
Amortization of debt discount and interest accrual 4,071,537 2,863,396
Accretion expense 45,059 0
Change in fair value of derivative liabilities (Note 9) 1,951,581 (1,868,329)
Stock based compensation 11,396 155,203
Foreign exchange gain (273,470) (839,849)
Loss on extinguishment of debt 0 151,539
Non-cash consulting expense (Note 7(i)) 0 151,428
Closing fee related to long-term debt 0 1,500,000
Changes in assets and liabilities:    
Receivables (17,866) 24,105
Prepaid expenses & other current assets 171,597 (108,180)
Inventory (7,325,771) (182,865)
Accounts payable & accrued liabilities 3,454,289 285,272
Interest payable (18,043) (951,445)
Cash used in operating activities (3,105,079) (4,815,347)
Investment activities:    
Additions to property, plant, equipment and mineral interests (11,400,873) (59,812,875)
Release (purchase) of reclamation financial assurance deposit 902,382 (349,053)
Cash used in investing activities (10,498,491) (60,161,928)
Financing activities:    
Issuance of common shares and warrants, net of share issue costs (Note 4) 10,907,840 0
Repayments of loans payable (3,736,162) (2,500,000)
Investment in Golden Queen Mining Company LLC by non-controlling interest 0 12,500,000
Borrowing under long-term debt 0 25,000,000
Repayment of convertible debentures 0 (7,675,000)
Financing fees related to short-term debt 0 (1,500,000)
Financing fees related to short-term debt capitalized to the loan 0 (250,000)
Cash provided by financing activities 7,171,678 25,575,000
Net change in cash and cash equivalents (6,431,892) (39,402,275)
Cash and cash equivalents, beginning balance 37,587,311 91,407,644
Cash and cash equivalents, ending balance $ 31,155,419 $ 52,005,369